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Dreams and Nightmares

By Scott Sumner | Jul 13 2024
Imagine if you were born overseas but grew up in America. After graduating from college, you start looking for a job. There’s just one problem; you do not have legal residency. As a result, the US government sends you back to your home country, a place you might not even remember. To many people, this ...

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The Internal Contradictions of Nationalism

By Scott Sumner | Jun 23 2024

Here are two different versions of American nationalism: Version 1: High tech is evil, part of the woke conspiracy to radicalize America. We need to go back to muscular old industries like coal and steel and autos, which employ lots of blue color workers. We need to revive the Rust Belt. EVs are a fad. .. MORE

Featured Comment

I am absolutely certain Japan isn’t going to give Muhammed, son of the Afghani janitor working in the Afghanistan embassy in Tokyo for the past five years, a Japanese permanent visa on his eighteenth birthday..

Jon Murphy, July 14

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Moral Reasoning

What Would Change My Mind?

By Kevin Corcoran | Jul 16, 2024 | 12

Here, I call on EconLog readers to try to change my mind!  Let me start this out with a proverbial throat-clearing on what we all know are the well-worn difficulties of changing someone’s mind. Doing so is often very difficult, and people are reluctant to change their mind. And we’re all biased to believe we .. MORE

Information Goods, Intellectual Property

A Contradiction in Hayek’s Famous 1945 Article

By David Henderson | Jul 16, 2024 | 11

  In his “Quotation of the Day” yesterday, one of my favorite parts of CafeHayek, Don Boudreaux quotes from one of my favorite articles by Hayek, his “The Use of Knowledge in Society,” published in the American Economic Review in 1945. (Parenthetical note: Wouldn’t it be great if the AER started publishing articles with words .. MORE

Macroeconomics

China’s Real Problem is Nominal

By Scott Sumner | Jul 15, 2024 | 4

There have been numerous news reports suggesting that China’s economy is in the doldrums. Strong exports have allowed China to maintain a solid overall growth rate, but that growth engine may not be sustainable, especially given the likelihood of increasingly protectionist headwinds. Domestic sectors such as housing and retail sales have been fairly weak. Here .. MORE

Books: Reviews and Suggested Readings

Highlights of My Weekly Reading for July 14, 2024

By David Henderson | Jul 14, 2024 | 20

First, Happy Bastille Day. Now to some highlights. Reliable Sources: How Wikipedia Admin David Gerard Launders His Grudges Into the Public Record Tracing Woodgrains, July 10, 2024. Excerpt: Unsurprisingly, Gerard’s slash-and-burn, no-questions-asked policy has led to more than a few conflicts on Wikipedia. Editors who object to his indiscriminate removals have raised the issue multiple .. MORE

Media Watch

Can We Meaningfully Speak of Bubble Gum “Inflation”?

By Pierre Lemieux | Jul 14, 2024 | 13

The Wall Street Journal’s report on the reduced increase of the Consumer Price Index is confused. Or so would think an economist who understands the difference between changes in relative prices and a change in the general price level, of all prices together. (See “Milder Inflation Opens Door Wider to September Rate Cut,” July 11, .. MORE

Money and Inflation

Alan Reynolds on “Shelter Prices” and Inflation

By David Henderson | Jul 13, 2024 | 7

Alan Reynolds writes: Consumer Price Index (CPI) inflation has been zero for two months. Over the past 12 months, prices of food at home are up 1.1 percent, and energy prices are up 1 percent. Yet headlines keep focusing on the 12-month averages of 3 percent for the total CPI and 3.3 percent for “core .. MORE

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Book Club

Books: Reviews and Suggested Readings

Activism and Institutional Gresham’s Law 13

I recently posted about two broad lenses one could use to analyze political activism. One form is what I called “activism as production,” which occurs when activists are motivated by a desire to help produce some form of public good – better environmental health, an improved justice system, and so on. The other form is .. MORE

Books: Reviews and Suggested Readings

Highlights of My Weekly Reading for July 14, 2024 20

First, Happy Bastille Day. Now to some highlights. Reliable Sources: How Wikipedia Admin David Gerard Launders His Grudges Into the Public Record Tracing Woodgrains, July 10, 2024. Excerpt: Unsurprisingly, Gerard’s slash-and-burn, no-questions-asked policy has led to more than a few conflicts on Wikipedia. Editors who object to his indiscriminate removals have raised the issue multiple .. MORE

Economic Growth

Elevator Blues 22

I often hear people on the right suggest that the New York Times is a lousy newspaper. This is not true, as they are confusing quality and bias. The NYT is an excellent newspaper that is marred by an unfortunate bias toward left wing views. Someone once joked that they were not a libertarian because .. MORE

Book Reviews and Suggested Readings

The Religion Business

By Arnold Kling

This book is about how the world’s religions have gained such power, what they do with it, and how abuses of this power can be constrained. —Paul Seabright, The Divine Economy: How Religions Compete for Wealth, Power, and People,1 p. 6 Paul Seabright’s The Divine Economy investigates how religions gain adherents and acquire wealth and .. MORE

The Good Life Is the One Where Anxiety Falls by the Wayside

By James Broughel

Book Review of Living for Pleasure: An Epicurean Guide to Life, by Emily A. Austin.1 The name Epicurus is often associated with indulgent hedonism. This stereotypical mischaracterization, which has found its way into pop culture and even into supermarket names, suggests a life of excess is the route to happiness. However, a new book by .. MORE

Using Reason to Understand the Abuse and Decline of Reason

By Rosolino Candela

A Liberty Classics Book Review of Studies on the Abuse and Decline of Reason: Text and Documents, by F.A. Hayek (edited by Bruce Caldwell). 1 According to F.A. Hayek, what are the theoretical and historical reasons for the tragedies of socialism that emerged in the 20th century? Hayek attempted to answer this question in what .. MORE

Big Brother Is Watching You

By Rachel Ferguson

Book Review of Predict and Surveil: Data, Discretion, and the Future of Policing, by Sarah Brayne.1 Sarah Brayne has done some excellent sociological research by spending several years embedded in the LAPD [Los Angeles Police Department]-one of the most technologically advanced police departments in the country. By doing so, she has given us a chance .. MORE